Exports stay weak in December

Already diminished by faltering global demand, Hong Kong’s exports continued their disconcerting plunge in December.

Domestic export volume fell 38.4% in December from November and dropped 22.2% year-on-year, said the Census & Statistics Department.

Re-exports, however, were on the upside: up 4.1% from November. Total exports (exports plus re-exports) rose 3% in December compared to November.

Most of Hong Kong’s exports and imports consist of cross-border shipments that undergo some processing in mainland China before being re-exported.

Import volume improved by 2.7% in December from November and by 5.1% in December year-on-year.

Re-export prices increased 7.4% in December year-on-year while that of domestic exports improved by 5.2%.

Taken together, the prices of total goods exports increased 7.4% while the prices of goods imports rose 7%.